Phillips-Chevron deal gets OK

Posted: Saturday, July 01, 2000

BARTLESVILLE, Okla. (AP) - Phillips Petroleum Co. and Chevron Corp. have the all-clear from regulators and expect today to close the deal combining their chemicals businesses, the companies reported Friday.

The 50-50 joint venture will create a Houston-based company worth more than $6 billion in assets. Chevron Phillips Chemical Co. will produce olefins, polyolefins, aromatics and styrenics.

"We are on the threshold of creating a major player in the worldwide chemicals market by joining two of the most respected names in the business," said Jim Gallogly, Phillips' senior vice president of chemicals who will become president and chief executive officer of the new company.